Paris — Stellantis, the owner of the Peugeot, Chrysler, Jeep and Fiat auto brands, will acquire an equal one-third stake in Symbio, the hydrogen fuel cell joint venture now owned by tire maker Michelin and plastics auto supplier Faurecia, the three companies said.
Faurecia said it would receive 150 million euros ($163 million) from Stellantis in the deal, an amount that would be part of a planned 1 billion euro asset disbursement program.
PSA Group was formerly the majority shareholder in Faurecia before liquidating its stake when it merged with Fiat Chrysler to form Stellantis in 2021.
Michelin did not say if it was also receiving money from Stellantis. A Stellantis spokesman told Automotive News Europe that the company was not disclosing financial details of the deal.
The three groups entered exclusive talks about the potential deal in December last year.
Stellantis launched hydrogen-powered mid-size vans from Citroen, Opel/Vauxhall and Peugeot in 2021 and aims to expand its hydrogen offer to large vans in Europe in 2024 and in the U.S. in 2025, and potentially heavy-duty trucks. The European vans are built at Opel’s home factory in Rüsselsheim, Germany.
Faurecia's Auburn Hills, Mich.-based North American business unit is a major injection molder and supplier of interior and exterior parts, No. 72 in the most recent Plastics News ranking of injection molders in the region. It and its parent company, Forvia, have been investing in fuel cell technology, including capabilities in making composite tanks for hydrogen fuel and the cells themselves.